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Title: Defaults Rise In California; Foreclosure Activity In Second Quarter Jumped By 67 Percent Over A Year Ago
Source:
Central Valley Business Times
URL Source: http://www.centralvalleybusinesstimes.com/stories/001/?ID=2790
Published: Aug 22, 2006
Author: Central Valley Business Times
Post Date: 2006-08-22 11:46:56 by Brian S
Keywords: None
Views: 354
Comments: 17
• Q2 jumps by 67 percent year over year • Buyers done in by ‘creative mortgages’ Foreclosure activity in California in the second quarter jumped by 67 percent over the year-earlier period, according to figures released Monday by http://Foreclosures.com, a Central Valley-based real estate investment advisory firm and publisher of foreclosure property information. "Year over year at the end of the second quarter of 2006, foreclosure activity in California has increased more than 67 percent," says Alexis McGee, president of Fair Oaks-based http://ForeclosureS.com. The once hot housing markets in Las Vegas and Phoenix are cooling off rapidly and defaults there are on the rise as well, she says. "Both Las Vegas and Phoenix were impacted by speculators," says Ms. McGee, and more than 25 percent of new home sales in both markets were going to out of state investors who had no intention of ever occupying the homes they purchased. Now those who came late to the party find themselves squeezed by rising interest rates and resulting negative cash flows, she says. “The speculators are definitely on the run, and walking away from properties they cannot afford to hold and cannot sell at a profit," says Ms. McGee. In Colorado, foreclosure activity has put Denver well up in the top 10 of metro areas with the highest foreclosure rates, according to http://Foreclosures.com’s figures. “Almost 5,300 homes in Colorado have already been lost in foreclosure and, as of August 11, over 11,300 were in the pre-foreclosure process," says Ms. McGee. She cites recent reports by economists that showed that Colorado was lagging behind the rest of the nation in economic recovery from the 2001-2002 recession. "A more severe situation, however, is in California," she says. "A primary reason is the overwhelming use of so-called creative mortgage products people were sold in order to buy ever more expensive homes." More than $1 trillion of these exotic mortgages were due to reset in the next 18 months, she says, "and payment shock to such homeowners would be severe if not financially fatal."
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#1. To: Brian S (#0)
Just in time for the foreign holders of trillions in waste paper (US$) to buy up prime California real estate.
Awesome. I'm SO moving to Vegas.
"GM is not a car company, it's a bank that gives free cars to its customers when they take out a loan."--Magorn.
Really, IC?
That disappeared a long time ago.
"Benjamin Franklin was shown the new American constitution, and he said, 'I don't like it, but I will vote for it because we need something right now. But this constitution in time will fail, as all such efforts do. And it will fail because of the corruption of the people, in a general sense.' And that is what it has come to now, exactly as Franklin predicted." -- Gore Vidal
If I can get set up with a gig there, sure. Apparently housing isn't really any more expensive than it is here.
"GM is not a car company, it's a bank that gives free cars to its customers when they take out a loan."--Magorn.
You are into Pawn Shops aren't you? Just make sure it isn't "protected territory". Back in the early late 70's, early 80's it sure the hell was...
Save me couch - never been but do want to hike some close areas. Gotta see it anyway, just to say I have. Maybe I'll be able to find that elusive bottle of scotch for ya.
I'm about done with pawn shops, at least with retail. I've got the skills I need, now it's time to travel on...
"GM is not a car company, it's a bank that gives free cars to its customers when they take out a loan."--Magorn.
Good, just giving you a 'heads-up' of that I knew of the territory from my old "Detroit" days...
Maybe I'll be able to find that elusive bottle of scotch for ya. If I lived out there, I'd want to do some serious gold prospecting. I'm sure I can set you up with couch space--send me your contact info so I can drop by next time I'm out in CO. My buddy from CO Springs is coming out next month, so maybe I'll demand he brings a couple of bottles of that elusive scotch with him. Just having 18-yr-old Glenlivet now, requisitioned from our store. I don't usually get high on my own supply, but it's been 6 months since my last "expired inventory" beer grab and the shit is $120 a bottle here at retail.
"GM is not a car company, it's a bank that gives free cars to its customers when they take out a loan."--Magorn.
You might like Reno better; people, environment, surroundings.
"If there’s another 9/11 or a major war in the Middle-East involving a U.S. attack on Iran, I have no doubt that there will be, the day after or within days an equivalent of a Reichstag fire decree that will involve massive detentions in this country." - Daniel Ellsberg Author, Pentagon Papers Oh, shit, it's a million dollars to get a pawn license in Vegas. Since they're not issuing any more of them, the existing ones get big bucks when they trade hands.
"GM is not a car company, it's a bank that gives free cars to its customers when they take out a loan."--Magorn.
LOL! I can barely survive in Vegas as a tourist for 5 days! If I moved there, I'd have to quit drinkin', gamblin', whorin'... Well, quit life, basically. If Reno is a little more laid-back, I could deal with that.
"GM is not a car company, it's a bank that gives free cars to its customers when they take out a loan."--Magorn.
About 14 years ago we camped somewhere around CO Springs along a creek. When the sun hit the water, it sparkled gold. Still have some of whatever it was on my fireplance mantle. We always believed it to be gold. Nice country.
Well, at least its controlled now. Used to be a buckshot in the chest...
Cost of living, housing is slightly lower, quality of life is moderately higher. Weather is not so hot in summer, a little snow in winter. Elevation 5500. San Fran is a half day's drive. Beautiful country nearby. More real folk than Vegas, but it's still Nevada. However, fewer people so depending upon your business intentions, that might make a difference. When we lived in Placer county, my husband liked to go there for gun shows, as well as gambling.
"If there’s another 9/11 or a major war in the Middle-East involving a U.S. attack on Iran, I have no doubt that there will be, the day after or within days an equivalent of a Reichstag fire decree that will involve massive detentions in this country." - Daniel Ellsberg Author, Pentagon Papers Still have some of whatever it was on my fireplance mantle. We always believed it to be gold. You bet it's gold. Indrid will give you top dollar for it, I am sure.
#2. To: Brian S (#0)
The once hot housing markets in Las Vegas and Phoenix are cooling off rapidly and defaults there are on the rise as well, she says.
#3. To: Indrid Cold (#2)
I'm SO moving to Vegas.
#4. To: angle (#1)
prime California real estate.
#5. To: tom007 (#3)
Really, IC?
#6. To: Indrid Cold (#5)
#7. To: Indrid Cold (#5)
If I can get set up with a gig there, sure. Apparently housing isn't really any more expensive than it is here.
#8. To: Brian S (#6)
You are into Pawn Shops aren't you?
#9. To: Indrid Cold (#8)
I'm about done with pawn shops, at least with retail. I've got the skills I need, now it's time to travel on...
#10. To: tom007 (#7)
Save me couch - never been but do want to hike some close areas. Gotta see it anyway, just to say I have.
#11. To: Indrid Cold (#5)
#12. To: Brian S (#9)
Good, just giving you a 'heads-up' of that I knew of the territory from my old "Detroit" days...
#13. To: robin (#11)
You might like Reno better; people, environment, surroundings.
#14. To: Indrid Cold (#10)
My buddy from CO Springs is coming out next month...
#15. To: Indrid Cold (#12)
Oh, shit, it's a million dollars to get a pawn license in Vegas.
#16. To: Indrid Cold (#13)
#17. To: Brian S, indrid cold (#14)
When the sun hit the water, it sparkled gold.
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